Working Papers

From Czech National Bank
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2020/1: Dynamics of Czech Inflation: The Role of the Trend and the Cycle

Michal Franta and Ivan Sutoris

2019/12: The Elasticity of Substitution between Domestic and Foreign Goods: A Quantitative Survey

Josef Bajzik, Tomas Havranek, Zuzana Irsova and Jiří Schwarz

2019/11: Too Much of a Good Thing? Households' Macroeconomic Conditions and Credit Dynamics

Martin Hodula, Simona Malovana and Jan Frait

2019/10: Introducing a New Index of Households' Macroeconomic Conditions

Martin Hodula, Simona Malovana and Jan Frait

2019/9: How to Improve the Model Selection Procedure in a Stress-testing Framework

Jiri Panos and Petr Polak

2019/8: Death to the Cobb-Douglas Production Function? A Quantitative Survey of the Capital-Labor Substitution Elasticity

Sebastian Gechert, Tomas Havranek, Zuzana Irsova and Dominika Ehrenbergerova

2019/7: Coexistence of Physical and Crypto Assets in a Stochastic Endogenous Growth Model

Alexis Derviz

2019/6: Introducing Macro-Financial Variables into a Semi-Structural Model

Dominika Ehrenbergerova and Simona Malovana

2019/5: Monetary Policy and Shadow Banking: Trapped between a Rock and a Hard Place

Martin Hodula

2019/4: Banks' Credit Losses and Provisioning over the Business Cycle: Implications for IFRS 9

Simona Malovana and Zaneta Tesarova

2019/3: Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve

Ales Bulir and Jan Vlcek

2019/2: The Effect of Higher Capital Requirements on Bank Lending: The Capital Surplus Matters

Dominika Kolcunová and Simona Malovana

2019/1: The Czech Exchange Rate Floor: Depreciation without Inflation?

Jaromir Baxa and Tomas Sestorad

2018/19: Independent Monetary Policy Versus a Common Currency: A Macroeconomic Analysis for the Czech Republic Through the Lens of an Applied DSGE Model

Jan Bruha and Jaromir Tonner

2018/18: Assessing the External Demand of the Czech Economy: Nowcasting Foreign GDP Using Bridge Equations

Tomas Adam and Filip Novotný

2018/17: Labour Market Flows over the Business Cycle: The Role of the Participation Margin

Kamil Galuscak, Jan Šolc and Paweł Strzelecki

2018/16: Off the Radar: Exploring the Rise of Shadow Banking in the EU

Martin Hodula

2018/15: The Leverage Ratio and Its Impact on Capital Regulation

Lukas Pfeifer, Martin Hodula, Libor Holub and Zdenek Pikhart

2018/14: What Influences Private Investment? The Case of the Czech Republic

Martin Gurtler

2018/13: How Do Large Banking Groups Manage the Efficiency of Their Subsidiaries? Evidence from CEE

Václav Hausenblas and Jitka Lesanovska

2018/12: The Pro-Cyclicality of Risk Weights for Credit Exposures in the Czech Republic

Simona Malovana

2018/11: A Macroeconomic Forecasting Model of the Fixed Exchange Rate Regime for the Oil-Rich Kazakh Economy

Tibor Hledik, Karel Musil, Jakub Rysanek and Jaromir Tonner

2018/10: Balance Sheet Implications of the Czech National Bank's Exchange Rate Commitment

Michal Franta, Tomas Holub and Branislav Saxa

2018/9: Estimating the Effective Lower Bound on the Czech National Bank's Policy Rate

Dominika Kolcunová and Tomas Havranek

2018/8: Sparse Restricted Perception Equilibrium

Volha Audzei and Sergey Slobodyan

2018/7: Quantifying the Natural Rate of Interest in a Small Open Economy - The Czech Case

Tibor Hledik and Jan Vlcek

2018/6: What Drives the Distributional Dynamics of Client Interest Rates on Consumer Loans in the Czech Republic? A Bank-level Analysis

Václav Brož and Michal Hlaváček

2018/5: A Profit-to-Provisioning Approach to Setting the Countercyclical Capital Buffer: The Czech Example

Lukas Pfeifer and Martin Hodula

2018/4: Asset Prices in a Production Economy with Long-run and Idiosyncratic Risk

Ivan Sutoris

2018/3: The Likelihood of Effective Lower Bound Events

Michal Franta

2018/2: Spillovers from Euro Area Monetary Policy: A Focus on Emerging Europe

Sona Benecka, Ludmila Fadejeva and Martin Feldkircher

2018/1: Non-base Wage Components as a Source of Wage Adaptability to Shocks: Evidence from European Firms, 2010-2013

Jan Babecký, Clémence Berson, Ludmila Fadejeva, Ana Lamo, Petra Marotzke, Fernando Martins and Paweł Strzelecki

2017/16: Firm Investment, Financial Constraints and Monetary Transmission: An Investigation with Czech Firm-Level Data

Oxana Babecká-Kucharčuková and Renata Pasalicova

2017/15: Are the Risk Weights of Banks in the Czech Republic Procyclical? Evidence from Wavelet Analysis

Václav Brož, Lukas Pfeifer and Dominika Kolcunová

2017/14: Wage Dynamics and Financial Performance: Evidence from Czech Firms

Jan Babecký, Kamil Galuscak and Diana Zigraiova

2017/13: Transmission of Uncertainty Shocks: Learning from Heterogeneous Responses on a Panel of EU Countries

Peter Claeys and Bořek Vašíček

2017/12: Longer-term Yield Decomposition: An Analysis of the Czech Government Yield Curve

Adam Kucera, Michal Dvorak, Lubos Komarek and Zlatuse Komarkova

2017/11: House Prices and Household Consumption: The Case of the Czech Republic

Jan Bruha, Michal Hlaváček and Lubos Komarek

2017/10: An Empirical Analysis of Macroeconomic Resilience: The Case of the Great Recession in the European Union

Jan Bruha and Oxana Babecká-Kucharčuková

2017/9: Does Monetary Policy Influence Banks' Perception of Risks?

Simona Malovana, Dominika Kolcunová and Václav Brož

2017/8: Banks' Capital Surplus and the Impact of Additional Capital Requirements

Simona Malovana

2017/7: A BVAR Model for Forecasting of Czech Inflation

František Brázdik and Michal Franta

2017/06: Understanding Rating Movements in Euro Area Countries

Jan Bruha, Moritz Karber, Beatrice Pierluigi and Ralph Setzer

2017/05: International Spillovers of (Un)Conventional Monetary Policy: The Effect of the ECB and US Fed on Non-Euro EU Countries

Jan Hajek and Roman Horvath

2017/04: An Exchange Rate Floor as an Instrument of Monetary Policy: An Ex-post Assessment of the Czech Experience

Jan Bruha and Jaromir Tonner

2017/03: Updating the Ultimate Forward Rate over Time: A Possible Approach

Diana Zigraiova and Petr Jakubík

2017/02: A DSGE Model with Financial Dollarization - the Case of Serbia

Mirko Djukic, Tibor Hledik, Jiri Polansky, Ljubica Trajcev and Jan Vlcek

2017/01: System Priors for Econometric Time Series

Michal Andrle and Miroslav Plašil

2016/12: Margins of Trade: Czech Firms Before, During and After the Crisis

Kamil Galuscak and Ivan Sutoris

2016/11: Nowcasting the Czech Trade Balance

Oxana Babecká-Kucharčuková and Jan Bruha